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Mastercard plans to launch contactless smartphone payment tech for merchants

Entrackr

Entrackr · 1y ago

Mastercard plans to launch contactless smartphone payment tech for merchants

To use smartphones as a point-of-sale machine in India, Mastercard may soon launch a new payment technology ‘Tap & Go’ to enable small businesses accepting contactless payments. The new technology will turn an NFC-enabled smartphone into a PoS machine that doesn’t require a PIN. Mastercard is investing heavily in the contactless PoS for SME sector. The feature is working in US and other markets which is cost-effective and has a quicker check-out facility.

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Mastercard, boAt enable tap and pay on wearables

Entrackr

Entrackr · 12m ago

Mastercard, boAt enable tap and pay on wearables

Mastercard has teamed up with wearable brand boAt to bring tap-and-pay functionality to its smartwatches. Mastercard cardholders using boAt’s payment-enabled smartwatches will be able to use Crest Pay, boAt’s official app, to make seamless payments directly from their devices, according to a press release from Mastercard. The new feature allows cardholders to tokenize their existing Mastercard debit and credit cards from participating banks, enabling tap-and-pay on their boAt smartwatch. This feature supports transactions up to Rs 5,000 via a POS device without needing a PIN, enhancing convenience for everyday purchases. The contactless payment option will be available initially to Mastercard cardholders from select leading banks, with plans to extend it to additional banks over time. Market research shows that the Indian wearables market grew by 34% in 2023, with smartwatch shipments rising significantly by 73.7%, bringing nearly 54 million devices into the market.

PayPal launches tap-to-pay for iPhone users in Germany

Economic Times

Economic Times · 3m ago

PayPal launches tap-to-pay for iPhone users in Germany

PayPal has launched a tap-to-pay feature for iPhone users in Germany, enabling contactless payments via NFC technology at terminals accepting Mastercard. This follows the EU's Digital Markets Act, which required Apple to allow third-party access to the iPhone's NFC chip, previously restricted to Apple Pay. Initially introduced in the US, the service doesn't yet include Apple Watches. PayPal is expanding its contactless payment services, seizing new regulatory opportunities in Europe.

Instamojo May Pull Out Of Payment Gateway Bid

Inc42 · 1y ago

Instamojo May Pull Out Of Payment Gateway Bid

Fintech startup Instamojo, backed by investors like Mastercard and Kalaari Capital, may not reapply for a payment aggregator license after the Reserve Bank of India rejected its application. Instead, the company is focusing on upgrading its back-end infrastructure to assist clients and has partnered with licensed payment aggregators and banks to facilitate merchant transactions. Instamojo plans to settle merchants' funds directly into their nodal accounts, bypassing the need for its own nodal account. The decision to halt its payment aggregator operations had previously led to panic among merchants and a decline in profits for Instamojo.

Mastercard denies pressuring game platforms, Valve tells a different story | TechCrunch

TechCrunch · 24d ago

Mastercard denies pressuring game platforms, Valve tells a different story | TechCrunch

Mastercard denied recent reports claiming it pressured game platforms to restrict adult content. While Mastercard stated it requires merchants to prevent unlawful purchases, Valve, the owner of Steam, indicated that communication came through payment processors, not directly from Mastercard. Valve's response regarding Steam's policies was reportedly rejected due to concerns about the brand’s reputation. This controversy follows advocacy group criticism and subsequent adult content bans by Steam and Itch.io.

Paytm launches ‘Card Soundbox’ for payments

Economic Times

Economic Times · 1y ago

Paytm launches ‘Card Soundbox’ for payments

Paytm has introduced the 'Card Soundbox,' a device that enables merchants to accept both mobile and card payments across various networks, including Visa, Mastercard, American Express, and RuPay. The device has a built-in 'tap and pay' feature for card payments up to Rs 5,000 and supports NFC-enabled smartphones for mobile payments. It operates on a 4G network with a five-day battery life and offers multilingual alerts. The Card Soundbox aims to provide a seamless payment experience for both merchants and customers, merging card and mobile payments.

The Instamojo Fallout: What Happened When The RBI Cancelled Payment Aggregator Licences?

Inc42 · 1y ago

The Instamojo Fallout: What Happened When The RBI Cancelled Payment Aggregator Licences?

The Reserve Bank of India (RBI) rejected payment aggregator license applications, causing panic and disruption in the fintech ecosystem. Instamojo, a leading payments startup backed by Mastercard, was among the companies affected. The RBI's action impacted around 25 existing payment aggregators and 47 applicants. Instamojo subsequently announced the closure of its payment aggregator business. The RBI's decision to cancel licenses and the lack of communication from Instamojo left merchants with pending payouts. Startup founders expressed disappointment with the RBI's handling of the situation and called for more transparency in decision-making processes.

RBI asks Visa and Mastercard to suspend card-based commercial payment services

IndianStartupNews

IndianStartupNews · 1y ago

RBI asks Visa and Mastercard to suspend card-based commercial payment services

The Reserve Bank of India (RBI) has instructed Visa and Mastercard to halt card-based commercial payments made by corporations and small enterprises. This directive is in response to concerns about transactions conducted at unauthorized outlets and money flowing to non-KYC-compliant merchants. The RBI's focus is specifically on payments routed through Business Payment Service Providers (BPSPs), which facilitate transactions for merchants not authorized to accept card payments. Regular corporate card transactions remain unaffected by the directive. Clearer guidelines and understanding between fintech firms and the regulator may be needed.

Visa, Mastercard stop business payments via cards post RBI instructions

Economic Times

Economic Times · 1y ago

Visa, Mastercard stop business payments via cards post RBI instructions

The Reserve Bank of India (RBI) has instructed card networks like Visa and Mastercard to halt card-based vendor payments made by corporations. Fintech startups operating in this sector have received a notice to pause business payments made by commercial cards until further notice. The exact reason for this regulatory action remains unknown, with speculation focusing on payment aggregator guidelines and potential issues regarding KYC compliance for vendors and merchants.

Here’s why RBI placed B2B card pay on full hold

Economic Times

Economic Times · 1y ago

Here’s why RBI placed B2B card pay on full hold

The Reserve Bank of India (RBI) has halted the usage of cards for B2B payments, affecting transactions made through commercial credit cards like Visa and Mastercard. Fintech startups such as EnKash and Paymate have also suspended these payments. The RBI aims to regulate payment intermediaries under the PA/PG guidelines, and the issue is related to transaction flow, potential fraud, and KYC compliance. Some players are migrating vendors to online merchants to resolve the disruption in B2B payments.

IntrCity Secures Rs. 37 Crore In Its Series C Round Led by Mirabilis Investment Trust

OutlookIndia

OutlookIndia · 1y ago

IntrCity Secures Rs. 37 Crore In Its Series C Round Led by Mirabilis Investment Trust

Fiserv, a payments and financial services technology company, has named Murali Nair as the general manager of India and South Asia. Nair will be responsible for overseeing the Fiserv client franchise in these regions, focusing on delivering innovative banking and payment solutions to financial institutions, merchants, and consumers. With over 30 years of experience in the financial services industry, Nair has held leadership positions at CRED, Zeta, Visa, Mastercard, Citibank, Deutsche Bank, and Barclays Bank. Fiserv is a major player in India's fintech sector, providing banking, digital, and payment solutions to financial institutions and fintech companies.

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